The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
1st Source Corp COM 336901103 2,335,320 5,200 SH   SOLE   5,200 0 0
ACNB Corp COM 000868109 555,000 15,000 SH   SOLE   15,000 0 0
Allegiance Bancshares Inc COM 01748H107 1,736,580 51,500 SH   SOLE   51,500 0 0
American National Bankshares Inc COM 027745108 261,900 7,500 SH   SOLE   7,500 0 0
Ames Natl Corp COM 031001100 411,150 15,000 SH   SOLE   15,000 0 0
Auburn Natl Bancorp COM 050473107 492,875 12,500 SH   SOLE   12,500 0 0
BancFirst Corp COM 05945F103 4,693,500 90,000 SH   SOLE   90,000 0 0
Bank of Marin Bancorp COM 063425102 2,339,675 57,500 SH   SOLE   57,500 0 0
Bank of South Carolina Corp COM 065066102 1,433,279 78,622 SH   SOLE   78,622 0 0
Bankwell Finl Group Inc COM 06654A103 1,313,100 45,000 SH   SOLE   45,000 0 0
Benchmark Bankshares COM 08160e207 300,000 15,000 SH   SOLE   15,000 0 0
Bryn Mawr Bk Corp COM 117665109 3,251,700 90,000 SH   SOLE   90,000 0 0
Burke & Herbert B&T COM 121331102 174,000 60 SH   SOLE   60 0 0
CSB Bancorp, Inc. COM 12628R107 339,062 8,750 SH   SOLE   8,750 0 0
Cambridge Bancorp COM 132152109 414,250 5,000 SH   SOLE   5,000 0 0
Carolina Finl Corp New COM 143873107 2,568,930 74,268 SH   SOLE   74,268 0 0
Century Bancorp Inc Mass CL A NON VTG 156432106 2,920,000 40,000 SH   SOLE   40,000 0 0
CommerceWest Bank COM 20084T103 3,160,900 146,000 SH   SOLE   146,000 0 0
Connectone Bancorp Inc NEW COM 20786W107 2,561,000 130,000 SH   SOLE   130,000 0 0
Direxion Daily Regional Banks Bear 3X SPSIRBKT 25460E802 1,675,265 50,000 SH   SOLE   50,000 0 0
Eagle Bancorp Inc MD COM 268948106 3,815,200 76,000 SH   SOLE   76,000 0 0
Eagle Financial Services COM 26951R104 381,875 12,500 SH   SOLE   12,500 0 0
Enterprise Bancorp Inc Mass COM 293668109 1,149,200 40,000 SH   SOLE   40,000 0 0
Enterprise Finl Svcs Corp COM 293712105 815,400 20,000 SH   SOLE   20,000 0 0
Equity Bancshares Inc COM CL A 29460X109 1,440,000 50,000 SH   SOLE   50,000 0 0
Fidelity D & D Bancorp COM 31609R100 236,480 4,000 SH   SOLE   4,000 0 0
First Busey Corp COM NEW 319383204 2,440,000 100,000 SH   SOLE   100,000 0 0
First Bus Finl Svcs Inc Wis COM 319390100 1,401,400 70,000 SH   SOLE   70,000 0 0
First Fndtn Inc COM 32026V104 1,899,800 140,000 SH   SOLE   140,000 0 0
First Long Is Corp COM 320734106 3,711,197 169,229 SH   SOLE   169,229 0 0
First National Bk Alaska COM 32112J106 521,980 2,000 SH   SOLE   2,000 0 0
FVCBankcorp Inc COM 36120Q101 287,470 17,000 SH   SOLE   17,000 0 0
German Amern Bancorp Inc COM 373865104 3,013,500 102,500 SH   SOLE   102,500 0 0
Heritage Commerce Corp COM 426927109 2,783,000 230,000 SH   SOLE   230,000 0 0
Heritage Finl Corp Wash COM 42722X106 1,145,320 38,000 SH   SOLE   38,000 0 0
Horizon Bancorp Inc COM 440407104 1,850,350 115,000 SH   SOLE   115,000 0 0
Independent Bank Group Inc COM 45384B106 1,923,375 37,500 SH   SOLE   37,500 0 0
Kentucky Bancshares COM 491203105 480,400 20,000 SH   SOLE   20,000 0 0
Lakeland Finl Corp COM 511656100 5,430,922 120,100 SH   SOLE   120,100 0 0
LCNB Corp COM 50181P100 85,750 5,000 SH   SOLE   5,000 0 0
Marlin Business Svcs Corp COM 571157106 322,500 15,000 SH   SOLE   15,000 0 0
Mercantile Bank Corp COM 587376104 2,617,600 80,000 SH   SOLE   80,000 0 0
Meta Finl Group Inc COM 59100U108 2,755,200 140,000 SH   SOLE   140,000 0 0
Middlefield Banc Corp COM NEW 596304204 157,710 3,827 SH   SOLE   3,827 0 0
MidWestOne Finl Group Inc NE COM 598511103 1,907,500 70,000 SH   SOLE   70,000 0 0
Northrim BanCorp Inc COM 666762109 344,200 10,000 SH   SOLE   10,000 0 0
Oak Valley Bancorp Oakdale C COM 671807105 1,259,055 71,375 SH   SOLE   71,375 0 0
Peoples Utah Bancorp COM 712706209 2,241,450 85,000 SH   SOLE   85,000 0 0
QNB Corp COM 74726N107 390,495 10,500 SH   SOLE   10,500 0 0
Republic First Bancorp, Inc. COM 760416107 262,500 50,000 SH   SOLE   50,000 0 0
Riverview Bancorp Incorporated COM 769397100 146,200 20,000 SH   SOLE   20,000 0 0
Sandy Spring Bancorp Inc COM 800363103 1,564,000 50,000 SH   SOLE   50,000 0 0
SPDR Series Trust S&P REGL BKG 78464A698 1,126,810 21,948 SH   SOLE   21,948 0 0
Stock Yds Bancorp Inc COM 861025104 5,030,589 148,790 SH   SOLE   148,790 0 0
Summit St Bk Santa Rosa Cali COM 866264203 185,280 16,000 SH   SOLE   16,000 0 0
Sussex Bancorp COM 869245100 868,800 40,000 SH   SOLE   40,000 0 0
Territorial Bancorp Inc COM 88145X108 403,650 15,000 SH   SOLE   15,000 0 0
Tompkins Financial Corporati COM 890110109 3,476,399 45,700 SH   SOLE   45,700 0 0
TowneBank Portsmouth VA COM 89214P109 2,722,500 110,000 SH   SOLE   110,000 0 0
Tri City Bankshares Corporation COM 895364107 312,300 15,000 SH   SOLE   15,000 0 0
United Bancorp Inc Ohio COM 909911109 434,000 40,000 SH   SOLE   40,000 0 0
Washington Tr Bancorp COM 940610108 2,672,325 55,500 SH   SOLE   55,500 0 0
West Bancorporation Inc CAP STK 95123P106 3,205,400 155,000 SH   SOLE   155,000 0 0